Saturday, May 2, 2015

In Central Bank of India V Jagbir
Singh CIVIL APPEAL NO. 3645 OF 2015 (Arising out of S.L.P. (Civil) 2343 of 2014 Hon'ble SC held that the Creditor Bank is not liable to pay compensation for non-renewal
of insurance policy after referring the following law laid down by the SC:

Friday, February 6, 2015

Chapter
VI of the Companies Act, 2013, containing section 77 to 87 deals with
registration of charges in the ROC. The said provisions replace the sections 124
to 145 of Chapter V of the Companies Act, 1956. As per the new provision
section 77 of the Companies Act 2013, every company creating a charge on its
property or assets has to register the particulars of charge signed by the
Company and charge holder together with instruments with in thirty days of its
creation. As per clause (3) of Section
77 of Companies Act 2013, no charge created by a company shall be taken into
account by the liquidator unless it is duly registered.

2. Affixing the
Possession notice on the outer door or any other conspicuous place of the
secured asset

3. Publishing the possession notice in two
dailies having sufficient circulation

(English
& Vernacular) within seven days after taking possession.

(3) List of Records to be preserved

1.13(4) Affixture Photograph with authorized officer

2.Postal receipts

3.Acknowledgement card or personal acknowledgement on the
copy of the possession notice or postal delivery status print out

4.Copy of the paper publications (Vernacular and English)

(4) Remedies available to the borrowers (Section 17)

Borrower or Guarantor
or any other person (Tenant or person who is disputing title ) may approach the
DRT against the possession notice by filing SA under Section 17 of SARFAESI Act
within 45 days from the date of possession.

IIIa. Physical
Possession (Section 14)

(i)Filing an application before Chief Materopolitan
Magistrate or District Magistrate to assist Authorised Officer to take physical
possession of the property.

(2) Application
should be filed before CMM if the property situated within CMM jurisdiction
otherwise to be filed before District Magistrate ie The Collector of concern
District.

Tuesday, November 23, 2010

The Indian Stamp Act, 1899 nowhere prescribes any expiry date for use of a stamp paper. Section 54 merely provides that a person possessing a stamp paper for which he has no immediate use (which is not spoiled or rendered unfit or useless), can seek refund of the value thereof by surrendering such stamp paper to the Collector provided it was purchased within the period of six months next preceding the date on which it was so surrendered. The stipulation of the period of six months prescribed in section 54 is only for the purpose of seeking refund of the value of the unused stamp paper, and not for use of the stamp paper. Section 54 does not require the person who has purchased a stamp paper, to use it within six months. Therefore, there is no impediment for a stamp paper purchased more than six months prior to the proposed date of execution, being used for a document. (para 11)